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Samreen Ahmad · · 1 min readByteDance reportedly seeks up to $5b loan from banks
“TikTok owner ByteDance is in talks with banks to borrow up to US$5 billion in a syndicated loan to refinance debt and pay for overseas expansion as the path to an initial public offering appears unlikely this year,” said The Information in a report, quoting people with knowledge of the matter.
Details:
- ByteDance plans to use more than half of the funds to refinance its existing debt to take advantage of low interest rates. It will spend the rest of the loan on its operations in the US, Europe, Latin America, and other parts of the world, investing in computing power, hiring, and marketing.
- While the company has discussed borrowing between US$4 billion and US$5 billion from the banks, the exact size of the loan has not been finalized.
Dive deeper:
- In 2020, ByteDance raised US$2 billion in a round led by Sequoia Capital and KKR, which valued the Chinese tech giant at US$180 billion.
- Its video-sharing app TikTok surpassed Facebook as the world’s most downloaded app in 2020.
Editing by Collin Furtado and Lorenzo Kyle Subido
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